Changes To Florida Estate Planning Laws
How Do The Changes To Estate Laws Affect Me?
Florida estate planning attorney Ellen Gershow, of Dell Graham, explains how the recent changes to certain laws can affect people. She discusses the new permanent gift tax law, and it’s repercussions.
“There have been some very big changes this year. We finally have a permanent gift tax law, assuming Congress doesn’t change it, but it’s not one that sunsets. And we have a $5,000,000 estate and gift tax exemption, which is indexed for inflation, so this year in 2013 it’s $5,250,000. That will continue to increase. We also have a new law called Portability which means that if one spouse passes away and doesn’t use their exemption, the surviving spouse may claim it on his or her death. The annual gift tax exemption hasn’t changed, but it is indexed for inflation, so it is currently $14,000 a year that you can give to anyone, and that’s new. As of 2013 it went to $14,000.”